
\begin{tabular}{l c c c c}
\toprule
 & \multicolumn{2}{c}{Currency Basis (bps)} & \multicolumn{2}{c}{Risk Reversals (pct)} \\
\cmidrule(lr){2-3} \cmidrule(lr){4-5}
 & (1) & (2) & (3) & (4) \\
\midrule
USD Imbalance $\times$ $\Delta$ FX Vol.        & $-1.74^{**}$ &              & $0.38^{*}$    &             \\
                                               & $(0.56)$     &              & $(0.17)$      &             \\
USD Imbalance $\times$ $\Delta$ Global FX Vol. &              & $-1.67^{**}$ &               & $0.40^{**}$ \\
                                               &              & $(0.67)$     &               & $(0.17)$    \\
USD Imbalance                                  & $0.73$       & $0.72$       & $0.00$        & $0.01$      \\
                                               & $(0.63)$     & $(0.66)$     & $(0.02)$      & $(0.04)$    \\
$\Delta$ FX Vol.                               & $-0.31$      &              & $-0.12^{***}$ &             \\
                                               & $(0.25)$     &              & $(0.03)$      &             \\
\midrule
Num. obs.                                      & $2362$       & $2362$       & $2363$        & $2363$      \\
R$^2$ (full model)                             & $0.46$       & $0.46$       & $0.45$        & $0.45$      \\
R$^2$ (proj model)                             & $0.03$       & $0.02$       & $0.14$        & $0.15$      \\
\bottomrule
\end{tabular}
